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Effective July 1st, the United States has authorized new sanctions directly targeting the already-devalued Iranian rial with penalties for transacting or holding the currency outside of Iran. This represents the first time that the U.S. has focused specifically on the Iranian monetary unit itself and the ninth set of sanctions President Barack Obama has imposed against Iran.

White House Press Secretary Jay Carney said, “This new action targets Iran’s currency, the rial, by authorizing the imposition of sanctions on foreign financial institutions that knowingly conduct or facilitate significant transactions for the purchase or sale of the Iranian rial, or that maintain significant accounts outside Iran denominated in the Iranian rial.”

The tough sanctions are intended to increase the financial pressure on the Islamic republic to abandon its nuclear program. However, Iran maintains that its nuclear energy program is for peaceful purposes only and has refused to back down arguing that it has this right.Carney explained how the sanctions also target the foreign assets of Iran’s leaders, “Further increasing the pressure on the Iranian government, the Executive Order authorizes the imposition of additional sanctions on persons who provide material support to Iranian persons and certain other persons designated pursuant to Iran sanctions authorities that are included on the list of Specially Designated Nationals and Blocked Persons (SDN List) maintained by the Department of the Treasury.”

The Government of Iran’s leadership controls a vast overseas network of 37 private businesses for the purpose of managing off-the-books investments that are shielded from the view of international regulators.

This month in exchange for pledges to reduce oil purchases from Iran, the U.S. State Department renewed six-month waivers on Iran sanctions for nine countries in total, including China, India, South Korea, Malaysia, Singapore, South Africa, Sri Lanka, Turkey and Taiwan.

In early 2012, the U.S. and the European Union imposed payment sanctions on Iran’s oil and financial sectors with the goal of weakening Iranian oil exports and blockading transactions with the Central Bank of Iran via Swift. However, a European Union court in February ruled against the EU banking sanctions imposed on one of Iran’s largest banks, which extends to the payment sanctions imposed by Swift in March of last year.

The Iranian currency has already been suffering from record inflation losing more than two-thirds of its value in the past two years, trading at 36,000 per U.S. dollar as of April 30th, compared with 16,000 at the beginning of 2012.“The idea is to cause depreciation of the rial and make it unusable in international commerce,” according to David Cohen, the Treasury Department’s undersecretary for terrorism and financial intelligence.

President Obama issued this latest Executive Order on June 3rd and during an interview Cohen said, “the purpose of the one-month phase-in period is to give financial institutions currently holding rials the opportunity to dump them.”Follow author on Twitter.

Bluehendu wrote 15m ago Does anyone recall if Tony or DC spoke about the Iranian RIAL currency being in any of the baskets for GR? I realize that the economic sanctions are still in place for Iran and will continue for some time.

Annie Oakley wrote 13m ago I remember Tony speaking about the Afghani and the Iranian currencies revaluation during one of the calls. But he did not say which basket the Iraning Rial would be in.

Bluehendu wrote 7m ago Thanks for the response. Is it possible that the Iranian RIAl would RV BEFORE the Iraqi Dinar and others?? Only 9 days to find out!

Iranian Foreign Minister Mohamed Javad Zarif, pictured in Athens on May 28, 2015, said that talks with top international powers on Tehran's contested nuclear programme could be completed by a June 30 deadline or slightly later (AFP Photo/Louisa Gouliamaki)

Luxembourg (AFP) - Iranian Foreign Minister Mohammad Javad Zarif said Monday that talks with top international powers on Tehran's contested nuclear programme could be completed by a June 30 deadline or slightly later.

"There is a political commitment on the part of everybody to move forward," Zarif said on the sidelines of an EU foreign ministers meeting in Luxembourg.

"There is the possibility that we can finish this by the deadline or a few days after the deadline," he said.

US Secretary of State John Kerry speaks with National Security Adviser Susan Rice from his room at Massachusetts General Hospital in Boston, Massachusetts, on June 9, 2015 (AFP Photo/)

Washington (AFP) - US Secretary of State John Kerry -- upon his release from hospital after breaking his leg -- insisted Friday he would soon head to Vienna as the deadline to finalize an Iran nuclear deal approaches.

"I talked to our team in Vienna. I will be absolutely fully and totally engaged in those talks. I am now. I haven't missed a tick," Kerry -- on crutches -- told reporters as he left Massachusetts General Hospital in Boston.

"I will be traveling over there at the appropriate moment in the next days in order to press forward at this critical moment of the negotiations," said the visibly tired Kerry.

The 71-year-old Kerry broke his right femur on May 31 in a fall on his bicycle in the French Alps during a working visit to Geneva for talks with his Iranian counterpart Mohammad Javad Zarif on Tehran's nuclear program.

He was flown home and underwent surgery in Boston on June 2.

In April, Iran and the five permanent members of the UN Security Council plus Germany agreed in the Swiss city of Lausanne to the outlines of a deal aimed at ending the decade-old standoff over Iran's nuclear program.

According to this framework, due to be finalized by June 30, Iran will dramatically scale down its nuclear activities in order to render any dash to making nuclear weapons all but impossible.In return, Iran, which denies wanting nuclear weapons, will see painful sanctions lifted by the six powers -- the United States, Russia, China, Britain, France and Germany.

Negotiations resumed Thursday in Vienna, but Russia's negotiator said there has been a "very worrying" slowdown in progress.